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RMS to incorporate climate change into major cat models

climate change

Catastrophe modeler Risk Management Solutions Inc. said Monday it will launch climate change models in June initially for its North Atlantic hurricane, Europe inland flood and windstorm models.

The models are designed to help customers assess the near- and long-term impacts of climate change on physical assets and their businesses so they can make risk and financial decisions, Newark, California-based RMS said in a statement.

The models incorporate forward-looking predictive insights and analysis and feature probabilistic modeling to capture events across different climate change scenarios, RMS said.

They can also adjust time horizons and representative concentration pathways, which are greenhouse gas concentration trajectories adopted by the Intergovernmental Panel on Climate Change.

RMS’ climate models will also include climate change specialist advisory and consulting expertise and support for regulatory, environmental, social and governance and climate-related financial disclosure requirements.

Further models and geographies will follow the initial launch, RMS said.

With increasing board-level attention, stakeholder scrutiny and regulatory pressure, businesses need to operationalize climate change analytics to make better decisions, RMS CEO Karen White said in the statement.

“This necessitates a climate change framework and models fully consistent with today’s catastrophe risk analytics and one which addresses the challenges posed by physical climate change risk and its broad impact across all relevant time scales – from today through to the end of the century,” Ms. White said.